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Overview

China Eximbank provides $260 million preferential buyer’s credit for acquisition of ten 35,000-ton portable bulk carriers

Commitments (Constant USD, 2023)$360,702,620
Commitment Year•2009Country of Activity•CubaDirect Recipient Country of Incorporation•CubaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 2, 2009
Start (planned)
Sep 6, 2009
Start (actual)
Aug 1, 2011
End (planned)
Sep 1, 2012
End (actual)
Sep 6, 2013

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

  • Government of Cuba

Implementing agencies

Private Sector

  • Empresa Importadora General del Transporte

State-owned companies

  • China National Machinery Import & Export Corporation (CMC)
  • Shanghai Shipyard Co., Ltd.

Loan description

China Eximbank provides $260 million preferential buyer’s credit for acquisition of ten 35,000-ton portable bulk carriers

Interest type•Unknown

Narrative

Full Description

Project narrative

On September 2, 2009, China Eximbank and the Government of Cuba signed a $260 million preferential buyer’s credit (PBC) loan agreement for the acquisition of ten 35,000-ton portable bulk carriers (equipped with modern technology). The borrowing terms of the PBC (loan) are unknown. The purpose of this acquisition is for Cuba to recover and renew its merchant navy capacities. China National Machinery Import and Export Corporation (CMC) was the contractor responsible for project implementation. The carriers were ordered by the Cuba firm Empresa Importadora General del Transporte (EIGT) on behalf of Grupo Acemex and CMC in September 2009. Empresa Importadora General del Transporte (EIGT) ordered Shanghai Shipyard to construct the ten carriers in a three-year project, then which got extended by an additional year. On November 30, 2012, the fourth bulk carrier was delivered. On April 26, 2013, the sixth bulk carrier was delivered. On September 6, 2013, the last of 10 bulk carriers ordered by Empresa Importadora General del Transporte (EIGT) was delivered from Shanghai Shipyard.

Staff comments

1. The Chinese project title is 向古巴出口 10 艘 35000 吨灵便型散货船项目. 2. Some sources refer to the carriers that were purchased as "grain ships".